NDW Morning Pulse
Below are highlights from the NDW Morning Update Video for the morning of 8/26. Access the the video on the NDW Morning Update Video page.
- US equity futures roughly flat this morning ahead of the second estimate of Q2 GDP and July PCE data, which are due out at 8:30.
- Crude is down about 2.5% after falling more than 3% on Tuesday; crude traded below $80 which will drop it to a sell signal on its default chart.
- All the major US indices were positive on Tuesday. The Nasdaq (NASD) led the way to the upside, gaining 66 bps.
- International equities were also higher as the iShares Emerging Markets ETF (EEM) gained 1.72% while the iShares MSCI EAFE ETF (EFA) gained 72 bps.
- Yesterday’s research focused on equity returns in election years. Historically, midterm election years (the second year of the presidential term) have produced weaker returns than other years. Q2 and Q3 of midterm years have been especially weak, producing negative returns on average.
- NVIDIA (NVDA) is set to report earnings after the close today. NVDA is a 3 for 5’er and trades on a buy signal after breaking a spread quadruple top at $216 earlier this month. However, the stock has been down seven consecutive trading days. NVDA has rallied from $190/$192 three times since beginning of June, making this a key level of support to watch.
